Ethos Financial Group LLC Makes New Investment in Hut 8 Corp. $HUT

Key Points

• Ethos Financial Group LLC has acquired 11,800 shares of Hut 8 Corp. for approximately $137,000, highlighting increased institutional investment in the company.
• A total of 15 analysts have rated Hut 8’s stock as "buy," with a consensus price target of $26.71, indicating positive market sentiment towards the company’s future performance.
• Hut 8 reported a $0.14 EPS for the last quarter, exceeding expectations, but revenue fell below estimates at $41.72 million, leading analysts to predict an EPS of -0.53 for the current fiscal year.

Ethos Financial Group LLC acquired a new position in Hut 8 Corp. (NASDAQ:HUT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,800 shares of the company's stock, valued at approximately $137,000.

A number of other institutional investors have also made changes to their positions in HUT. Cresset Asset Management LLC acquired a new position in Hut 8 during the first quarter worth $692,000. RR Advisors LLC acquired a new position in Hut 8 during the first quarter worth $518,000. Nuveen LLC acquired a new position in Hut 8 during the first quarter worth $2,508,000. Invesco Ltd. increased its holdings in Hut 8 by 0.7% during the first quarter. Invesco Ltd. now owns 943,546 shares of the company's stock worth $10,964,000 after buying an additional 6,896 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Hut 8 by 1.4% during the first quarter. Swiss National Bank now owns 163,440 shares of the company's stock worth $1,899,000 after buying an additional 2,200 shares during the last quarter. Institutional investors own 31.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HUT. Citigroup began coverage on shares of Hut 8 in a report on Thursday, May 22nd. They set an "outperform" rating on the stock. B. Riley assumed coverage on shares of Hut 8 in a report on Wednesday, May 14th. They set a "buy" rating and a $25.00 target price on the stock. Northland Securities set a $26.00 price objective on shares of Hut 8 in a report on Friday, July 11th. Maxim Group upped their price objective on shares of Hut 8 from $23.00 to $30.00 and gave the company a "buy" rating in a report on Monday, August 11th. Finally, Canaccord Genuity Group upped their price objective on shares of Hut 8 from $32.00 to $36.00 and gave the company a "buy" rating in a report on Wednesday. Four investment analysts have rated the stock with a Strong Buy rating and fifteen have given a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $26.94.

Hut 8 Price Performance

Shares of HUT stock traded up $2.00 on Friday, hitting $23.37. The company's stock had a trading volume of 5,627,379 shares, compared to its average volume of 4,797,593. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.19. The stock's 50 day moving average is $20.51 and its 200-day moving average is $16.80. Hut 8 Corp. has a fifty-two week low of $8.73 and a fifty-two week high of $31.95.

Hut 8 (NASDAQ:HUT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.01. Hut 8 had a net margin of 112.81% and a return on equity of 8.73%. The business had revenue of $41.72 million for the quarter, compared to the consensus estimate of $49.10 million. As a group, sell-side analysts forecast that Hut 8 Corp. will post -0.53 earnings per share for the current fiscal year.

Insider Transactions at Hut 8

In other Hut 8 news, Director Joseph Flinn sold 11,069 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $15.77, for a total transaction of $174,558.13. Following the sale, the director directly owned 19,791 shares in the company, valued at $312,104.07. This represents a 35.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.20% of the stock is owned by insiders.

Hut 8 Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.